Need Help Analyzing
Hi folks, I have been searching for my first investment property and came across this deal in a different town (about 1.5 hrs away). I am not a pro member as of yet so was wondering if someone would help me analyze and come up with a creative way to try to make it happen.
Owner is selling apartment complex with 80% of units that have all been renovated and leased up to 80-100% with annual leases. (24) 1 Bed 1 Bath Units with 600SF, and rents for $510 per month, and (4) 2 Bed 1 Bath Units with 800SF rents for $610 per month. This is a small gated community with very reliable tenant base.
Proforma
$177,360 Stabilized Income
-$79,812 Less Expense @ 45%
$97,548 Stabilized NOI
Asking $929,000 Asking price is based off of a projected 10.5% CAP, and there's a renovations allowance for the remaining 6 units of $15,000. For more information on this please feel to call or email.
Any guidance on my possible first deal will be much appreciated.